Under current law, the Colorado water conservation board (board),
subject to procedural requirements established to prevent injury to waterrights or decreed conditional water rights, may use loaned water forinstream flows if the loaned water is used for preserving the naturalenvironment of a stream reach that is subject to a decreed instream flowwater right held by the board. The bill expands the number of years withina 10-year period that a loan may be exercised from 3 years to 5 years andallows a loan to be renewed for up to 2 additional 10-year periods.
The bill also expands the board's ability to use loaned water for
instream flows to allow loans to:
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Improve the natural environment to a reasonable degreepursuant to a decreed instream flow water right held by theboard; or
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Preserve or improve the natural environment to areasonable degree for a stream reach for which the boarddoes not hold a decreed instream flow water right.
In considering whether to accept one of the new types of loans
authorized by the bill, the board must evaluate the proposed loan basedon a biological analysis performed by the division of parks and wildlife.The board is required to promulgate rules regarding the necessary stepsfor reviewing and accepting such a loan.